Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 10, 2016 | |
Entity Registrant Name | FUTUREFUEL CORP. | |
Entity Central Index Key | 1,337,298 | |
Trading Symbol | ff | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 43,721,376 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 148,312,000 | $ 154,049,000 |
Accounts receivable, inclusive of the blenders’ tax credit (BTC) of $38,096 and $30,895 and net of allowances for bad debt of $0 and $0, at March 31, 2016 and December 31, 2015, respectively | 54,472,000 | 46,319,000 |
Accounts receivable – related parties | 2,303,000 | 10,000 |
Inventory | 69,907,000 | 64,957,000 |
Income tax receivable | 12,886,000 | 14,114,000 |
Prepaid expenses | 1,536,000 | 1,642,000 |
Prepaid expenses – related parties | 35,000 | 35,000 |
Marketable securities | 76,203,000 | 74,667,000 |
Deferred financing costs | 144,000 | 144,000 |
Other current assets | 1,868,000 | 3,887,000 |
Total current assets | 367,666,000 | 359,824,000 |
Property, plant and equipment, net | 122,490,000 | 124,330,000 |
Intangible assets | 1,408,000 | 1,408,000 |
Deferred financing costs | 433,000 | 469,000 |
Other assets | 3,205,000 | 3,078,000 |
Total noncurrent assets | 127,536,000 | 129,285,000 |
Total Assets | 495,202,000 | 489,109,000 |
Liabilities and Stockholders’ Equity | ||
Accounts payable | 31,225,000 | 34,442,000 |
Accounts payable – related parties | 293,000 | 244,000 |
Current deferred income tax liability | 4,368,000 | 7,060,000 |
Deferred revenue – short-term | 3,275,000 | 2,680,000 |
Contingent liability – short-term | 1,151,000 | 1,151,000 |
Accrued expenses and other current liabilities | 4,412,000 | 2,976,000 |
Total current liabilities | 44,724,000 | 48,553,000 |
Deferred revenue – long-term | 18,033,000 | 15,908,000 |
Other noncurrent liabilities | 1,234,000 | 1,219,000 |
Noncurrent deferred income tax liability | 28,225,000 | 29,117,000 |
Total noncurrent liabilities | 47,492,000 | 46,244,000 |
Total liabilities | $ 92,216,000 | $ 94,797,000 |
Commitments and contingencies: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | $ 0 | $ 0 |
Common stock, $0.0001 par value, 75,000,000 shares authorized, 43,721,376 and 43,715,832, issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | 4,000 | 4,000 |
Accumulated other comprehensive income | 2,495,000 | 2,055,000 |
Additional paid in capital | 279,519,000 | 279,231,000 |
Retained earnings | 120,968,000 | 113,022,000 |
Total stockholders’ equity | 402,986,000 | 394,312,000 |
Total Liabilities and Stockholders’ Equity | $ 495,202,000 | $ 489,109,000 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Blenders' tax credit | $ 38,096,000 | $ 30,895,000 |
Allowance for bad debt | $ 0 | $ 0 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares authorized (in shares) | 75,000,000 | 75,000,000 |
Common stock shares issued (in shares) | 43,721,376 | 43,715,832 |
Common stock shares outstanding (in shares) | 43,721,376 | 43,715,832 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | $ 43,204 | $ 49,815 |
Revenue – related parties | 3,431 | 4,272 |
Cost of goods sold | 33,158 | 38,310 |
Cost of goods sold – related parties | 1,521 | 1,744 |
Distribution | 797 | 648 |
Distribution – related parties | 106 | 71 |
Gross profit | 11,053 | 13,314 |
Selling, general, and administrative expenses | ||
Compensation expense | 1,166 | 1,153 |
Other expense | 623 | 609 |
Related party expense | 48 | 60 |
Research and development expenses | 687 | 715 |
Total expenses | 2,524 | 2,537 |
Income from operations | 8,529 | 10,777 |
Interest and dividend income | 1,345 | 1,267 |
Interest expense | (43) | (6) |
(Loss)/gain on marketable securities | (1,018) | 1,020 |
Other Income/(expense) | (116) | (44) |
Total other income/(expense) | 168 | 2,237 |
Income before income taxes | 8,697 | 13,014 |
(Benefit)/provision for income taxes | (1,872) | 4,883 |
Net income | $ 10,569 | $ 8,131 |
Earnings per common share | ||
Earnings per common share, basic (in dollars per share) | $ 0.24 | $ 0.19 |
Earnings per common share, diluted (in dollars per share) | $ 0.24 | $ 0.19 |
Weighted average shares outstanding | ||
Weighted average shares outstanding, basic (in shares) | 43,475,630 | 43,372,388 |
Weighted average shares outstanding, diluted (in shares) | 43,486,548 | 43,382,283 |
Comprehensive Income | ||
Net income | $ 10,569 | $ 8,131 |
Other comprehensive income/(loss) from unrealized net gains/(losses) on available-for-sale securities, net of tax of $238 in 2016 and of $(375) in 2015 | 440 | (601) |
Comprehensive income | $ 11,009 | $ 7,530 |
Consolidated Statements of Ope5
Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other comprehensive income/(loss) – unrealized gains/(losses) on available-for-sale securities, tax | $ 238 | $ (375) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows provided by operating activities | ||
Net income | $ 10,569,000 | $ 8,131,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 2,622,000 | $ 2,301,000 |
Amortization of deferred financing costs | 36,000 | |
Benefit for deferred income taxes | (3,822,000) | $ (5,831,000) |
Change in fair value of derivative instruments | 3,398,000 | 4,653,000 |
Other than temporary impairment of marketable securities | 1,240,000 | 186,000 |
Gain on the sale of investments | (222,000) | (1,207,000) |
Stock based compensation | 477,000 | 477,000 |
Losses on disposals of fixed assets | 115,000 | 44,000 |
Noncash interest expense | 7,000 | 6,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (8,153,000) | 33,709,000 |
Accounts receivable – related parties | (2,293,000) | 1,104,000 |
Inventory | (4,950,000) | (19,087,000) |
Income tax receivable | 1,228,000 | 9,872,000 |
Prepaid expenses | $ 106,000 | 350,000 |
Prepaid expenses – related party | (23,000) | |
Accrued interest on marketable securities | $ (30,000) | (56,000) |
Other assets | (127,000) | (330,000) |
Accounts payable | (3,217,000) | 3,757,000 |
Accounts payable – related parties | 49,000 | (2,907,000) |
Accrued expenses and other current liabilities | $ 1,436,000 | 2,700,000 |
Accrued expenses and other current liabilities – related parties | 369,000 | |
Deferred revenue | $ 2,720,000 | 2,868,000 |
Other noncurrent liabilities | 8,000 | 16,000 |
Net cash provided by operating activities | 1,197,000 | 41,102,000 |
Cash flows from investing activities | ||
Collateralization of derivative instruments | (1,349,000) | (4,937,000) |
Purchase of marketable securities | (11,000,000) | (13,324,000) |
Proceeds from the sale of marketable securities | 9,124,000 | 18,708,000 |
Capital expenditures | (897,000) | (2,539,000) |
Net cash used in investing activities | (4,122,000) | (2,092,000) |
Cash flows from financing activities | ||
Minimum tax withholding on stock options exercised and awards vested | (53,000) | $ (22,000) |
Excess tax benefits associated with stock options and awards | (136,000) | |
Payment of dividends | (2,623,000) | $ (2,623,000) |
Net cash used in financing activities | (2,812,000) | (2,645,000) |
Net change in cash and cash equivalents | (5,737,000) | 36,365,000 |
Cash and cash equivalents at beginning of period | 154,049,000 | 124,079,000 |
Cash and cash equivalents at end of period | $ 148,312,000 | $ 160,444,000 |
Cash paid for interest | ||
Cash paid for income taxes | $ 906,000 | $ 827,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1 ) NATU R E O F O P E R A TI O N S AND B AS I S O F P R E S E N T A T I O N Org an i z a ti o n FutureFuel Corp. (“FutureFuel”), through its wholly-owned subsidiary, FutureFuel Chemical Company (“FutureFuel Chemical”), owns and operates a chemical production facility located on approximately 2,200 acres of land six miles southeast of Batesville in north central Arkansas fronting the White River (the “Batesville Plant”). FutureFuel Chemical manufactures diversified chemical products, biobased products comprised of biofuels, and biobased specialty chemical products. FutureFuel Chemical’s operations are reported in two segments: chemicals and biofuels. The chemicals segment manufactures a diversified listing of chemical products that are sold to third party customers. The majority of the revenues from the chemicals segment are derived from the custom manufacturing of specialty chemicals for specific customers. The biofuels business segment primarily produces and sells biodiesel. FutureFuel Chemical also sells petrodiesel in blends with the company’s biodiesel and, from time to time, with no biodiesel added. Finally, FutureFuel is a shipper of refined petroleum products on common carrier pipelines and buys and sells petroleum products to maintain an active shipper status on these pipelines. B a s is o f P r ese n t a ti o n The accompanying consolidated financial statements have been prepared by FutureFuel in accordance and consistent with the accounting policies stated in FutureFuel’s 2015 audited consolidated financial statements and should be read in conjunction with the 2015 audited consolidated financial statements of FutureFuel. In the opinion of FutureFuel, all normal recurring adjustments necessary for a fair presentation have been included in the unaudited consolidated financial statements. The unaudited consolidated financial statements have been prepared in compliance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all the information and footnotes required by GAAP for complete financial statements, and do include amounts that are based upon management estimates and judgments. Future actual results could differ from such current estimates. The unaudited consolidated financial statements include assets, liabilities, revenues, and expenses of FutureFuel and its wholly owned subsidiaries; namely, FutureFuel Chemical Company, FFC Grain, L.L.C., FutureFuel Warehouse Company, L.L.C., and Legacy Regional Transport, L.L.C. Intercompany transactions and balances have been eliminated in consolidation. |
Note 2 - Inventory
Note 2 - Inventory | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2 ) I NV E N T O RY The carrying values of inventory were as follows as of: March 31, 2016 December 31, 2015 At average cost (approximates current cost) Finished goods $ 38,613 $ 35,517 Work in process 1,999 1,695 Raw materials and supplies 27,221 31,247 67,833 68,459 LIFO reserve 2,074 (3,502 ) Total inventory $ 69,907 $ 64,957 In determining the LIFO cost of its inventory, FutureFuel relies on certain pricing indices. In the three months ended March 31, 2016, these index values changed in such a way as to increase FutureFuel’s LIFO cost relative to weighted average cost. As such, FutureFuel recorded a reduction in its LIFO reserve of $5,576, the offset of which was recorded as a reduction to cost of goods sold of $4,038 in the biofuels segment and a reduction of $1,538 in the chemicals segment. Additionally, as a result of this LIFO adjustment, FutureFuel recorded a lower of cost or market adjustment of $3,544 in the three months ended March 31, 2016. This lower of cost or market adjustment was recorded as a decrease in inventory values and an increase in cost of goods sold. In the three months ended March 31, 2015, the index values increased FutureFuel’s LIFO cost relative to weighted average cost $3,669, the offset of which was recorded as a reduction to cost of goods sold of $1,190 in the biofuels segment and a reduction of $2,479 in the chemicals segment. As a result of this LIFO adjustment, FutureFuel recorded a lower of cost or market adjustment of $704 in the three months ended March 31, 2015. |
Note 3 - Derivative Instruments
Note 3 - Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 3 ) D E R I VA T I V E I N S T RU M E N T S FutureFuel is exposed to certain risks relating to its ongoing business operations. Commodity price risk is the primary risk managed by using derivative instruments. Regulated fixed price futures and option contracts are utilized to manage the price risk associated with future purchases of feedstock used in FutureFuel’s biodiesel production along with physical feedstock and finished product inventories attributed to this process. FutureFuel recognizes all derivative instruments as either assets or liabilities at fair value in its consolidated balance sheet. FutureFuel’s derivative instruments do not qualify for hedge accounting under the specific guidelines of ASC 815-20-25, Deriv a tives an d He d g i ng , He d g i n g - Ge n er a l , Re co g n itio n The fair value of FutureFuel’s derivative instruments is determined based on the closing prices of the derivative instruments on relevant commodity exchanges at the end of an accounting period. Realized gains and losses on derivative instruments and changes in fair value of the derivative instruments are recorded in the statement of operations as a component of cost of goods sold, and amounted to a loss of $1,039 in the three months ended March 31, 2016 and a gain of $719 for the three months ended March 31, 2015. The volumes and carrying values of FutureFuel’s derivative instruments were as follows at: Asset (Liability) March 31, 2016 December 31, 2015 Quantity (contracts) Short Fair Value Quantity (contracts) Short Fair Value Regulated options, included in other current assets 125 $ (499 ) 200 $ (427 ) Regulated fixed price future commitments, included in other current assets 270 $ 464 631 $ 3,789 The margin account maintained with a broker to collateralize these derivative instruments carried an account balance of $1,573 and $225 at March 31, 2016 and December 31, 2015, respectively, and is classified as other current assets in the consolidated balance sheet. The carrying values of the margin account and of the derivative instruments are included net, in other current assets. |
Note 4 - Marketable Securities
Note 4 - Marketable Securities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 4 ) M AR K ET A B L E S E CU R I T I E S At March 31, 2016 and December 31, 2015, FutureFuel had investments in certain preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments. These investments are classified as current assets in the consolidated balance sheet. FutureFuel has designated these securities as being available-for-sale. Accordingly, they are recorded at fair value, with the unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity. FutureFuel’s marketable securities were comprised of the following at March 31, 2016 and December 31, 2015: March 31, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 6,025 $ 2 $ (355 ) $ 5,672 Preferred stock 48,474 2,607 (4 ) 51,077 Trust preferred securities 11,351 1,213 - 12,564 Exchange traded debt instruments 6,511 379 - 6,890 Total $ 72,361 $ 4,201 $ (359 ) $ 76,203 December 31, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 10,825 $ 44 $ (711 ) $ 10,158 Preferred stock 37,703 2,419 (122 ) 40,000 Trust preferred securities 16,464 1,303 (66 ) 17,701 Exchange traded debt instruments 6,511 297 - 6,808 Total $ 71,503 $ 4,063 $ (899 ) $ 74,667 The aggregate fair value of instruments with unrealized losses totaled $4,880 and $15,571 at March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016, FutureFuel had $985 invested in marketable securities that were in an unrealized loss position for a greater than 12-month period. As of December 31, 2015, FutureFuel had no investments in marketable securities that were in an unrealized loss position for a greater than 12-month period. |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 5 ) ACC R U E D E X P E N S E S A N D O T H E R CUR R E N T L IA B IL I T I E S Accrued expenses and other current liabilities, including those associated with related parties, consisted of the following at: March 31, 2016 December 31, 2015 Accrued employee liabilities $ 2,549 $ 1,474 Accrued property, franchise, motor fuel and other taxes 1,542 1,248 Other 321 254 Total $ 4,412 $ 2,976 |
Note 6 - Borrowings
Note 6 - Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6 ) BO RR O W I N G S On April 16, 2015, FutureFuel, with FutureFuel Chemical as borrowers, and certain of FutureFuel’s other subsidiaries, as guarantors, entered into a $150,000 secured and committed credit facility with the lenders party thereto, Regions Bank as administrative agent and collateral agent, and PNC Bank, N.A., as syndication agent. The credit facility consists of a five-year revolving credit facility in a dollar amount of up to $150,000, which includes a sublimit of $30,000 for letters of credit and $15,000 for swingline loans (collectively, the “Credit Facility”). The interest rate floats at the following margins over LIBOR or base rate based upon the leverage ratio from time to time: C o n s o li d at ed L e v e rag e R at io Adju s t ed LI BO R R at e L oa ns a nd L e tt er o f Cr e dit Fee Ba s e R at e L oa ns C o m m i t m ent Fee < 1.00:1.0 1.25 % 0.25 % 0.15 % ≥ 1.00:1.0 and < 1.50:1.0 1.50 % 0.50 % 0.20 % ≥ 1.50:1.0 and < 2.00:1.0 1.75 % 0.75 % 0.25 % ≥ 2.00:1.0 and < 2.50:1.0 2.00 % 1.00 % 0.30 % ≥ 2.50:1.0 2.25 % 1.25 % 0.35 % The terms of the Credit Facility contain certain covenants and conditions including a maximum consolidated leverage ratio, a minimum consolidated fixed charge coverage ratio, and a minimum liquidity requirement. FutureFuel was in compliance with such covenants as of March 31, 2016. There were no borrowings under this credit agreement at March 31, 2016 and December 31, 2015. |
Note 7 - Provision for Income T
Note 7 - Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 ) PR O VI SI O N F O R I NC O M E T A X E S The following table summarizes the provision for income taxes. Three months ended March 31: 2016 2015 (Benefit)/provision for income taxes $ (1,872 ) $ 4,883 Effective tax rate (21.5% ) 37.5 % The effective tax rates for the three months ended March 31, 2016 and March 31, 2015 reflect our expected tax rate on reported operating earnings before income tax. Our effective tax rate in the three months ended March 31, 2016, as compared to the effective tax rate in the three months ended March 31, 2015 reflects the positive effect of the reinstatement of the blenders’ tax credit (BTC) for 2016. Unrecognized tax benefits totaled $5,021 and $4,588 at March 31, 2016 and December 31, 2015, respectively. FutureFuel records interest and penalties, net, as a component of income tax expense. At March 31, 2016 and December 31, 2015, FutureFuel recorded $69 and $61, respectively, in accruals for interest or tax penalties. In the second quarter of 2015, the IRS completed its audit of FutureFuel’s 2010 through 2012 amended federal income tax returns. FutureFuel was successful in recovering the benefits previously unrecorded in its financial statements. Also during the second quarter of 2015, FutureFuel received notice of rejection from an administrative law judge in The Arkansas Office of Hearings and Appeals regarding FutureFuel’s 2010 through 2012 amended state income tax returns. |
Note 8 - Earnings Per Share
Note 8 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 ) E AR N I N G S P E R SHA R E We compute earnings per share using the two-class method in accordance with ASC Topic No. 260, “Earnings per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding non-vested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at March 31, 2016 or 2015. Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three-month periods ended March 31, 2016 or 2015 as the vesting conditions had not been satisfied. Basic and diluted earnings per common share were computed as follows: For the three months ended March 31: 2016 2015 Numerator: Net income $ 10,569 $ 8,131 Less: distributed earnings allocated to non-vested stock (15 ) (21 ) Less: undistributed earnings allocated to non-vested restricted stock (44 ) (44 ) Numerator for basic earnings per share $ 10,510 $ 8,066 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 44 44 Less: undistributed earnings reallocated to non-vested restricted stock (44 ) (44 ) Numerator for diluted earnings per share $ 10,510 $ 8,066 Denominator: Weighted average shares outstanding – basic 43,475,630 43,372,388 Effect of dilutive securities: Stock options and other awards 10,918 9,895 Weighted average shares outstanding – diluted 43,486,548 43,382,283 Basic earnings per share $ 0.24 $ 0.19 Diluted earnings per share $ 0.24 $ 0.19 Certain options to purchase FutureFuel’s common stock were not included in the computation of diluted earnings per share for the three-months ended March 31, 2016 because they were anti-dilutive in the period. The weighted average number of options excluded on this basis was 90,000 and 100,000 for the three-months ended March 31, 2016 and 2015, respectively. |
Note 9 - Segment Information
Note 9 - Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9 ) S E G M E NT I N FO R M A TI O N FutureFuel has two reportable segments organized along similar product groups – chemicals and biofuels. C h emi ca ls FutureFuel’s chemicals segment manufactures diversified chemical products that are sold externally to third party customers. This segment is comprised of two components: “custom manufacturing” (manufacturing chemicals for specific customers) and “performance chemicals” (multi-customer specialty chemicals). Bi o f u els FutureFuel’s biofuels business segment primarily manufactures and markets biodiesel. Biodiesel revenues are generated through the sale of biodiesel to customers through FutureFuel’s distribution network at the Batesville Plant, through distribution facilities available at leased oil storage facilities, and through a network of remotely located tanks. Biofuels revenues also include the sale of biodiesel blends with petrodiesel, petrodiesel with no biodiesel added, RINs, biodiesel production byproducts, and the purchase and sale of other petroleum products on common carrier pipelines. Su mm a r y o f l o n g - lived a ss ets an d r e v e nu es b y g e o g r aph ic ar ea All of FutureFuel’s long-lived assets are located in the U.S. Most of FutureFuel’s sales are transacted with title passing at the time of shipment from the Batesville Plant, although some sales are transacted with title passing at the delivery point. While many of FutureFuel’s chemicals are utilized to manufacture products that are shipped, further processed, and/or consumed throughout the world, the chemical products, with limited exceptions, generally leave the United States only after ownership has transferred from FutureFuel to the customer. FutureFuel is rarely the exporter of record, never the importer of record into foreign countries, and is not always aware of the exact quantities of its products that are moved into foreign markets by its customers. FutureFuel does track the addresses of its customers for invoicing purposes and uses this address to determine whether a particular sale is within or outside the United States. FutureFuel’s revenues attributable to the United States and foreign countries (based upon the billing addresses of its customers) were as follows: Three Months Ended United States All Foreign Countries Total March 31, 2016 $ 46,006 $ 629 $ 46,635 March 31, 2015 $ 53,577 $ 510 $ 54,087 Revenues from a single foreign country during the three months ended March 31, 2016 and 2015 did not exceed 1% of total revenues. Su mm a r y o f bu s i n ess b y s e g m e n t Three months ended March 31: 2016 2015 Revenue Custom chemicals $ 20,292 $ 29,798 Performance chemicals 4,776 4,408 Chemicals revenue $ 25,068 $ 34,206 Biofuels revenue 21,567 19,881 Total Revenue $ 46,635 $ 54,087 Segment gross profit Chemicals $ 8,572 $ 10,853 Biofuels 2,481 2,461 Total gross profit 11,053 13,314 Corporate expenses (2,524 ) (2,537 ) Income before interest and taxes 8,529 10,777 Interest and other income 1,345 2,287 Interest and other expense (1,177 ) (50 ) Benefit/(provision) for income taxes 1,872 (4,883 ) Net income $ 10,569 $ 8,131 Depreciation is allocated to segment costs of goods sold based on plant usage. The total assets and capital expenditures of FutureFuel have not been allocated to individual segments as large portions of these assets are shared to varying degrees by each segment, causing such an allocation to be of little value. |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10 ) FAIR VA L UE M E ASU R E M E N T S Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Fair value accounting pronouncements also include a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of FutureFuel. Unobservable inputs are inputs that reflect FutureFuel’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The hierarchy is broken down into three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables provide information by level for assets and liabilities that are measured at fair value, on a recurring basis, at March 31, 2016 and December 31, 2015. Asset (Liability) Fair Value at Fair Value Measurements Using March 31, 2016 Inputs Considered as: Description Level 1 Level 2 Level 3 Derivative instruments $ (35 ) $ (35 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 76,203 $ 76,203 $ - $ - Asset (Liability) Fair Value at Fair Value Measurements Using Description December 31, 2015 Inputs Considered as: Derivative instruments $ 3,362 $ 3,362 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 74,667 $ 74,667 $ - $ - |
Note 11 - Reclassifications fro
Note 11 - Reclassifications from Accumulated and Other Comprehensive Income: | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11 ) R E C L AS S I F I C A T I O NS F R O M ACC U M U L A TE D OTH E R C O M PR E H E NS I V E I NC O M E : The following tables summarize changes in accumulated other comprehensive income from unrealized gains and losses on available-for-sale securities in the three months ended March 31, 2016 and 2015. Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the three months ended March 31, 2016 (net of tax) 2016 Balance at December 31, 2015 $ 2,055 Other comprehensive loss before reclassifications (221 ) Amounts reclassified from accumulated other comprehensive income 661 Net current-period other comprehensive income 440 Balance at March 31, 2016 $ 2,495 Changes in Accumulated Other Comprehensive Income Unrealized Gains and Losses on Available-for-Sale Securities For the three months ended March 31, 2015 (net of tax) 2015 Balance at December 31, 2014 $ 4,259 Other comprehensive income before reclassifications 28 Amounts reclassified from accumulated other comprehensive income (629 ) Net current-period other comprehensive loss (601 ) Balance at March 31, 2015 $ 3,658 The following tables summarize amounts reclassified from accumulated other comprehensive income in the three months ended March 31, 2016 and 2015: Reclassifications from Accumulated Other Comprehensive Income For the three months ended March 31, 2016 Amount Reclassified Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ (1,018 ) Loss on marketable securities Total before tax (1,018 ) Tax benefit 357 Total reclassifications $ (661 ) Reclassifications from Accumulated Other Comprehensive Income For the three months ended March 31, 2015 Amount Reclassified Affected Line Item in Statement of Operations Unrealized gain on available-for-sale securities $ 1,020 Gain on marketable securities Total before tax 1,020 Tax provision (391 ) Total reclassifications $ 629 |
Note 12 - Legal Matters
Note 12 - Legal Matters | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 12 ) LEGAL MATTERS From time to time, FutureFuel and its operations are parties to, or targets of, lawsuits, claims, investigations, regulatory matters, and proceedings, which are being handled and defended in the ordinary course of business. While FutureFuel is unable to predict the outcomes of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations, or cash flows. |
Note 13 - Related Party Transac
Note 13 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13 ) RELATED PARTY TRANSACTIONS FutureFuel enters into transactions with companies affiliated with or controlled by a director and significant shareholder. Revenues, expenses, prepaid amounts, and unpaid amounts related to these transactions are captured in the accompanying consolidated financial statements as related party line items. Related party revenues are the result of sales of biodiesel, petrodiesel, blends, other petroleum products, and other similar or related products to these related parties. Related party cost of goods sold and distribution are the result of sales of biodiesel, petrodiesel, blends, and other petroleum products to these related parties along with the associated expense from the purchase of natural gas, storage and terminalling services, and income tax and consulting services by FutureFuel from these related parties. |
Note 14 - Intangible Asset
Note 14 - Intangible Asset | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 14 ) I N T A N G I BL E AS S E T In April of 2015, FutureFuel acquired additional historical line space on a pipeline for $1,408. The acquired line space was recorded as an intangible asset with an indefinite life as there was no foreseeable limit on the time period over which it is expected to contribute to cash flows. The carrying value of the asset was $1,408 as of March 31, 2016 and December 31, 2015. FutureFuel will test the intangible asset for impairment in accordance with codification ASC 350-30-35-18 through 35-20. |
Note 15 - Recently Issued Accou
Note 15 - Recently Issued Accounting Statements | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 15 ) R E C E N T L Y I S S U E D AC C O UNT I N G S T A TE M E N T S In May 2014, the FASB and International Accounting Standards Board jointly issued new principles-based accounting guidance for revenue recognition that will supersede virtually all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. However, in a July 2015 meeting, the FASB affirmed its proposal to defer the effective date by one year. The provisions of the Accounting Standards Update (ASU) are to be applied retrospectively; early adoption prior to the original effective date is not permitted. FutureFuel is currently evaluating the impact of this guidance on its financial position, results of operations, and related disclosures. In July 2015, the Financial Accounting Standards Board (the “FASB”) issued new guidance that requires inventory not measured using either the last in, first out (LIFO) or the retail inventory method to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard will be effective for periods beginning on or after December 15, 2016 and will be applied prospectively. Early adoption is permitted. FutureFuel is currently evaluating the impact of this guidance on its financial position, results of operations, and related disclosures. In November 2015, the FASB issued guidance under the simplification and productivity initiative for presentation of deferred income tax liabilities and assets. This guidance simplifies the presentation of deferred income taxes such that deferred tax liabilities and assets are to be classified as noncurrent in a classified balance sheet. The update does not amend the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual reporting period and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has elected not to early adopt the new guidance as of the balance sheet date due to the insignificance of the change. As of March 31, 2016 and December 31, 2015, the impact to the company would be a reclassification of $4,368 and $7,060, respectively, from current deferred tax liability to long-term deferred tax liability. In February 2016, the FASB issued guidance on lease accounting. The new guidance establishes two types of leases for lessees: finance or operating. The guidance for lessors is largely unchanged. Under the guidance, a lessee is to recognize a right-of-use asset and lease liability that arises from a lease. A lessee can make a policy election, by asset class, to not recognize lease assets or liabilities for leases with a term of 12 months or less. Both finance and operating leases will have associated right-of-use assets and liabilities initially measured at the present value of the lease payments. Current and noncurrent balance sheet classification will apply. Finance leases will have another reported element for interest associated with the principal lease liability. The component concept from the 2014 revenue recognition standard has been included in the new lease standard which will guide identification of individual assets and non-lease components. As with current GAAP, the guidance does not apply to the following leases: intangible assets to explore for or use minerals, oil, natural gas, and similar nonregenerative resources, biological assets (includes timber), inventory, or assets under construction. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and early adoption is permitted. The new guidance is to be applied under a modified retrospective approach wherein practical expedients have been allowed that will not require reassessment of current leases at the effective date. The Company is currently evaluating the impact on the Company's financial position and results of operations and related disclosures. In March 2016, the FASB issued guidance in regards to stock compensation as a part of the simplification initiative that covers related tax accounting, cash flow presentation, and forfeitures. The two tax accounting related amendments are as follows: all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement, the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur, an entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period; and the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions. The cash flow presentation items sets forth that excess tax benefits should be classified along with other income tax cash flows as an operating activity and cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity. For forfeitures, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period. The new guidance application is mixed among the various elements that include, retrospective, prospective, and modified retrospective transition methods. The Company is currently evaluating the impact on the Company's financial position and results of operations and related disclosures. |
Note 2 - Inventory (Tables)
Note 2 - Inventory (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2016 December 31, 2015 At average cost (approximates current cost) Finished goods $ 38,613 $ 35,517 Work in process 1,999 1,695 Raw materials and supplies 27,221 31,247 67,833 68,459 LIFO reserve 2,074 (3,502 ) Total inventory $ 69,907 $ 64,957 |
Note 3 - Derivative Instrumen23
Note 3 - Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Asset (Liability) March 31, 2016 December 31, 2015 Quantity (contracts) Short Fair Value Quantity (contracts) Short Fair Value Regulated options, included in other current assets 125 $ (499 ) 200 $ (427 ) Regulated fixed price future commitments, included in other current assets 270 $ 464 631 $ 3,789 |
Note 4 - Marketable Securities
Note 4 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2016 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 6,025 $ 2 $ (355 ) $ 5,672 Preferred stock 48,474 2,607 (4 ) 51,077 Trust preferred securities 11,351 1,213 - 12,564 Exchange traded debt instruments 6,511 379 - 6,890 Total $ 72,361 $ 4,201 $ (359 ) $ 76,203 December 31, 2015 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Equity instruments $ 10,825 $ 44 $ (711 ) $ 10,158 Preferred stock 37,703 2,419 (122 ) 40,000 Trust preferred securities 16,464 1,303 (66 ) 17,701 Exchange traded debt instruments 6,511 297 - 6,808 Total $ 71,503 $ 4,063 $ (899 ) $ 74,667 |
Note 5 - Accrued Expenses and25
Note 5 - Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2016 December 31, 2015 Accrued employee liabilities $ 2,549 $ 1,474 Accrued property, franchise, motor fuel and other taxes 1,542 1,248 Other 321 254 Total $ 4,412 $ 2,976 |
Note 6 - Borrowings (Tables)
Note 6 - Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | C o n s o li d at ed L e v e rag e R at io Adju s t ed LI BO R R at e L oa ns a nd L e tt er o f Cr e dit Fee Ba s e R at e L oa ns C o m m i t m ent Fee < 1.00:1.0 1.25 % 0.25 % 0.15 % ≥ 1.00:1.0 and < 1.50:1.0 1.50 % 0.50 % 0.20 % ≥ 1.50:1.0 and < 2.00:1.0 1.75 % 0.75 % 0.25 % ≥ 2.00:1.0 and < 2.50:1.0 2.00 % 1.00 % 0.30 % ≥ 2.50:1.0 2.25 % 1.25 % 0.35 % |
Note 7 - Provision for Income27
Note 7 - Provision for Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended March 31: 2016 2015 (Benefit)/provision for income taxes $ (1,872 ) $ 4,883 Effective tax rate (21.5% ) 37.5 % |
Note 8 - Earnings Per Share (Ta
Note 8 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the three months ended March 31: 2016 2015 Numerator: Net income $ 10,569 $ 8,131 Less: distributed earnings allocated to non-vested stock (15 ) (21 ) Less: undistributed earnings allocated to non-vested restricted stock (44 ) (44 ) Numerator for basic earnings per share $ 10,510 $ 8,066 Effect of dilutive securities: Add: undistributed earnings allocated to non-vested restricted stock 44 44 Less: undistributed earnings reallocated to non-vested restricted stock (44 ) (44 ) Numerator for diluted earnings per share $ 10,510 $ 8,066 Denominator: Weighted average shares outstanding – basic 43,475,630 43,372,388 Effect of dilutive securities: Stock options and other awards 10,918 9,895 Weighted average shares outstanding – diluted 43,486,548 43,382,283 Basic earnings per share $ 0.24 $ 0.19 Diluted earnings per share $ 0.24 $ 0.19 |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended United States All Foreign Countries Total March 31, 2016 $ 46,006 $ 629 $ 46,635 March 31, 2015 $ 53,577 $ 510 $ 54,087 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31: 2016 2015 Revenue Custom chemicals $ 20,292 $ 29,798 Performance chemicals 4,776 4,408 Chemicals revenue $ 25,068 $ 34,206 Biofuels revenue 21,567 19,881 Total Revenue $ 46,635 $ 54,087 Segment gross profit Chemicals $ 8,572 $ 10,853 Biofuels 2,481 2,461 Total gross profit 11,053 13,314 Corporate expenses (2,524 ) (2,537 ) Income before interest and taxes 8,529 10,777 Interest and other income 1,345 2,287 Interest and other expense (1,177 ) (50 ) Benefit/(provision) for income taxes 1,872 (4,883 ) Net income $ 10,569 $ 8,131 |
Note 10 - Fair Value Measurem30
Note 10 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Asset (Liability) Fair Value at Fair Value Measurements Using March 31, 2016 Inputs Considered as: Description Level 1 Level 2 Level 3 Derivative instruments $ (35 ) $ (35 ) $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 76,203 $ 76,203 $ - $ - Asset (Liability) Fair Value at Fair Value Measurements Using Description December 31, 2015 Inputs Considered as: Derivative instruments $ 3,362 $ 3,362 $ - $ - Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments $ 74,667 $ 74,667 $ - $ - |
Note 11 - Reclassifications f31
Note 11 - Reclassifications from Accumulated and Other Comprehensive Income: (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2016 Balance at December 31, 2015 $ 2,055 Other comprehensive loss before reclassifications (221 ) Amounts reclassified from accumulated other comprehensive income 661 Net current-period other comprehensive income 440 Balance at March 31, 2016 $ 2,495 2015 Balance at December 31, 2014 $ 4,259 Other comprehensive income before reclassifications 28 Amounts reclassified from accumulated other comprehensive income (629 ) Net current-period other comprehensive loss (601 ) Balance at March 31, 2015 $ 3,658 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Reclassifications from Accumulated Other Comprehensive Income For the three months ended March 31, 2016 Amount Reclassified Affected Line Item in Statement of Operations Unrealized loss on available-for-sale securities $ (1,018 ) Loss on marketable securities Total before tax (1,018 ) Tax benefit 357 Total reclassifications $ (661 ) Reclassifications from Accumulated Other Comprehensive Income For the three months ended March 31, 2015 Amount Reclassified Affected Line Item in Statement of Operations Unrealized gain on available-for-sale securities $ 1,020 Gain on marketable securities Total before tax 1,020 Tax provision (391 ) Total reclassifications $ 629 |
Note 1 - Nature of Operations32
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2016a | |
Batesville, Arkansas [Member] | |
Area of Land | 2,200 |
Number of Operating Segments | 2 |
Note 2 - Inventory (Details Tex
Note 2 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Biofuels [Member] | ||
Inventory, LIFO Reserve, Effect on Income, Net | $ (4,038) | $ (1,190) |
Chemicals [Member] | ||
Inventory, LIFO Reserve, Effect on Income, Net | (1,538) | (2,479) |
Inventory, LIFO Reserve, Period Charge | 5,576 | 3,669 |
Inventory Adjustments | $ 3,544 | $ 704 |
Note 2 - Inventory - Carrying V
Note 2 - Inventory - Carrying Values of Inventory (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Finished goods | $ 38,613,000 | $ 35,517,000 |
Work in process | 1,999,000 | 1,695,000 |
Raw materials and supplies | 27,221,000 | 31,247,000 |
Inventory, gross | 67,833,000 | 68,459,000 |
LIFO reserve | 2,074,000 | (3,502,000) |
Total inventory | $ 69,907,000 | $ 64,957,000 |
Note 3 - Derivative Instrumen35
Note 3 - Derivative Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1,039) | $ 719 | |
Restricted Cash and Cash Equivalents | $ 1,573 | $ 225 |
Note 3 - Derivative Instrumen36
Note 3 - Derivative Instruments - Carrying Value of Derivative Instruments (Details) $ in Thousands | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Commodity Option [Member] | ||
Quantity (contracts) Short | 125 | 200 |
Fair Value Liabilities | $ (499) | $ (427) |
Future [Member] | ||
Quantity (contracts) Short | 270 | 631 |
Fair Value Liabilities | $ 464 | $ 3,789 |
Note 4 - Marketable Securitie37
Note 4 - Marketable Securities (Details Textual) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Fair Value Disclosure | $ 4,880,000 | $ 15,571,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 985,000 | $ 0 |
Note 4 - Marketable Securitie38
Note 4 - Marketable Securities - Marketable Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Equity Securities [Member] | ||
Adjusted Cost | $ 6,025,000 | $ 10,825,000 |
Unrealized Gains | 2,000 | 44,000 |
Unrealized Losses | (355,000) | (711,000) |
Fair Value | 5,672,000 | 10,158,000 |
Preferred Stock [Member] | ||
Adjusted Cost | 48,474,000 | 37,703,000 |
Unrealized Gains | 2,607,000 | 2,419,000 |
Unrealized Losses | (4,000) | (122,000) |
Fair Value | 51,077,000 | 40,000,000 |
Trust Preferred Securities [Member] | ||
Adjusted Cost | 11,351,000 | 16,464,000 |
Unrealized Gains | $ 1,213,000 | 1,303,000 |
Unrealized Losses | (66,000) | |
Fair Value | $ 12,564,000 | 17,701,000 |
Corporate Debt Securities [Member] | ||
Adjusted Cost | 6,511,000 | 6,511,000 |
Unrealized Gains | $ 379,000 | $ 297,000 |
Unrealized Losses | ||
Fair Value | $ 6,890,000 | $ 6,808,000 |
Adjusted Cost | 72,361,000 | 71,503,000 |
Unrealized Gains | 4,201,000 | 4,063,000 |
Unrealized Losses | (359,000) | (899,000) |
Fair Value | $ 76,203,000 | $ 74,667,000 |
Note 5 - Accrued Expenses and39
Note 5 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued employee liabilities | $ 2,549 | $ 1,474 |
Accrued property, franchise, motor fuel and other taxes | 1,542 | 1,248 |
Other | 321 | 254 |
Total | $ 4,412 | $ 2,976 |
Note 6 - Borrowings (Details Te
Note 6 - Borrowings (Details Textual) - Revolving Credit Facility [Member] - USD ($) | 1 Months Ended | ||
Apr. 16, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Regions Bank and PNC Bank N.A. [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | ||
Line of Credit Facility, Expiration Period | 5 years | ||
Line of Credit Facility Sublimit for Letters of Credit | $ 30,000,000 | ||
Line of Credit Facility Swingline Loans | $ 15,000,000 | ||
Long-term Line of Credit | $ 0 | $ 0 |
Note 6 - Borrowings - Leverage
Note 6 - Borrowings - Leverage Ratio (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Leverage Ratio1 [Member] | Maximum [Member] | |
Consolidated leverage ratio | 1 |
Leverage Ratio1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio1 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.25% |
Leverage Ratio1 [Member] | |
Commitment fee | 0.15% |
Leverage Ratio 2 [Member] | Maximum [Member] | |
Consolidated leverage ratio | 1.5 |
Leverage Ratio 2 [Member] | Minimum [Member] | |
Consolidated leverage ratio | 1 |
Leverage Ratio 2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.50% |
Leverage Ratio 2 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.50% |
Leverage Ratio 2 [Member] | |
Commitment fee | 0.20% |
Leverage Ratio 3 [Member] | Maximum [Member] | |
Consolidated leverage ratio | 2 |
Leverage Ratio 3 [Member] | Minimum [Member] | |
Consolidated leverage ratio | 1.5 |
Leverage Ratio 3 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 1.75% |
Leverage Ratio 3 [Member] | Base Rate [Member] | |
Spread on variable rate | 0.75% |
Leverage Ratio 3 [Member] | |
Commitment fee | 0.25% |
Leverage Ratio 4 [Member] | Maximum [Member] | |
Consolidated leverage ratio | 2.5 |
Leverage Ratio 4 [Member] | Minimum [Member] | |
Consolidated leverage ratio | 2 |
Leverage Ratio 4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.00% |
Leverage Ratio 4 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.00% |
Leverage Ratio 4 [Member] | |
Commitment fee | 0.30% |
Leverage Ratio 5 [Member] | Minimum [Member] | |
Consolidated leverage ratio | 2.5 |
Leverage Ratio 5 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Spread on variable rate | 2.25% |
Leverage Ratio 5 [Member] | Base Rate [Member] | |
Spread on variable rate | 1.25% |
Leverage Ratio 5 [Member] | |
Commitment fee | 0.35% |
Note 7 - Provision for Income42
Note 7 - Provision for Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | |||
Open Tax Year | 2,010 | ||
Latest Tax Year [Member] | Domestic Tax Authority [Member] | |||
Open Tax Year | 2,012 | ||
Unrecognized Tax Benefits | $ 5,021 | $ 4,588 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 69 | $ 61 |
Note 7 - Provision for Income43
Note 7 - Provision for Income Taxes - Summary of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
(Benefit)/provision for income taxes | $ (1,872) | $ 4,883 |
Effective tax rate | (21.50%) | 37.50% |
Note 8 - Earnings Per Share (De
Note 8 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 90,000 | 100,000 |
Note 8 - Earnings Per Share - C
Note 8 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 10,569 | $ 8,131 |
Less: distributed earnings allocated to non-vested stock | (15) | (21) |
Less: undistributed earnings allocated to non-vested restricted stock | (44) | (44) |
Numerator for basic earnings per share | 10,510 | 8,066 |
Effect of dilutive securities: | ||
Add: undistributed earnings allocated to non-vested restricted stock | 44 | 44 |
Less: undistributed earnings reallocated to non-vested restricted stock | (44) | (44) |
Numerator for diluted earnings per share | $ 10,510 | $ 8,066 |
Weighted average shares outstanding – basic (in shares) | 43,475,630 | 43,372,388 |
Stock options and other awards (in shares) | 10,918 | 9,895 |
Weighted average shares outstanding – diluted (in shares) | 43,486,548 | 43,382,283 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 0.19 |
Diluted earnings per share (in dollars per share) | $ 0.24 | $ 0.19 |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2016 | |
Chemicals [Member] | |
Number of Reportable Segments | 2 |
Number of Reportable Segments | 2 |
Note 9 - Segment Information -
Note 9 - Segment Information - Revenues by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
UNITED STATES | ||
March 31, 2016 | $ 46,006 | $ 53,577 |
All Foreign Countries [Member] | ||
March 31, 2016 | 629 | 510 |
March 31, 2016 | $ 46,635 | $ 54,087 |
Note 9 - Segment Information 48
Note 9 - Segment Information - Summary of Business by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Segments [Member] | Chemicals [Member] | Custom Chemicals [Member] | ||
Revenues | $ 20,292 | $ 29,798 |
Operating Segments [Member] | Chemicals [Member] | Performance Chemicals [Member] | ||
Revenues | 4,776 | 4,408 |
Operating Segments [Member] | Chemicals [Member] | ||
Revenues | 25,068 | 34,206 |
Segment gross profit | ||
Gross profit | 8,572 | 10,853 |
Operating Segments [Member] | Biofuels [Member] | ||
Revenues | 21,567 | 19,881 |
Segment gross profit | ||
Gross profit | 2,481 | 2,461 |
Corporate, Non-Segment [Member] | ||
Segment gross profit | ||
Corporate expenses | (2,524) | (2,537) |
Revenues | 46,635 | 54,087 |
Gross profit | 11,053 | 13,314 |
Income before interest and taxes | 8,529 | 10,777 |
Interest and other income | 1,345 | 2,287 |
Interest and other expense | (1,177) | (50) |
Benefit/(provision) for income taxes | 1,872 | (4,883) |
Net income | $ 10,569 | $ 8,131 |
Note 10 - Fair Value Measurem49
Note 10 - Fair Value Measurements - Assets and Liiabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative instruments | $ (35) | $ 3,362 |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | $ 76,203 | $ 74,667 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Derivative instruments | ||
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | ||
Derivative instruments | $ (35) | $ 3,362 |
Preferred stock, trust preferred securities, exchange traded debt instruments, and other equity instruments | $ 76,203 | $ 74,667 |
Note 11 - Reclassifications f50
Note 11 - Reclassifications from Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Beginning balance | $ 2,055,000 | $ 4,259,000 |
Other comprehensive loss before reclassifications | (221,000) | 28,000 |
Amounts reclassified from accumulated other comprehensive income | 661,000 | (629,000) |
Net current-period other comprehensive income | 440,000 | (601,000) |
Ending balance | $ 2,495,000 | $ 3,658,000 |
Note 11 - Reclassifications f51
Note 11 - Reclassifications from Accumulated Other Comprehensive Income - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unrealized loss on available-for-sale securities | $ (1,018) | $ 1,020 |
Total before tax | (1,018) | 1,020 |
Tax benefit | 357 | (391) |
Total reclassifications | $ (661) | $ 629 |
Note 14 - Intangible Asset (Det
Note 14 - Intangible Asset (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||
Apr. 30, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Payments to Acquire Intangible Assets | $ 1,408 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 1,408 | $ 1,408 |
Note 15 - Recently Issued Acc53
Note 15 - Recently Issued Accounting Statements (Details Textual) - Pro Forma [Member] - From Current Deferred Tax Liability to Long-term Deferred Tax Liability [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
December 31, 2015 [Member] | |
Prior Period Reclassification Adjustment | $ 7,060 |
Current Period Reclassification Adjustment | $ 4,368 |